Bernstein ups Redeia on positive risk-reward profile

Redeia Corporacion SA

09/12/2025 10:48

** Bernstein upgrades Spain's Redeia REDE.MC to "outperform" from "market-perform", citing a positive risk-reward balance

** It flags the grid operator's growth profile and limited risk from upcoming remuneration framework, with a final decision expected before year-end

** It expects both earnings and regulated asset base (RAB) growth acceleration after 2027 and especially after 2030, when work-in-progress converts into RAB

** It notes Redeia trades at a 13% premium to its 2026 RAB, which is below peers like Terna's TRN.MI 25% and Elia's ELI.BR 18%, an "attractive" valuation gap

** Bernstein adds the stock's recent underperformance vs peers and consensus creates a roughly 20% upside

** YTD, Redeia lost about 8.3% until Monday's close

** Out of 24 analysts covering Redeia, ten rate  it "strong buy"/"buy",​ 11 "hold" and three "strong sell"/"sell" - LSEG data

(Reporting by Marta Serafinko in Gdansk)

((marta.serafinko@thomsonreuters.com; +48 58 769 66 00;))